We’re all looking forward to 2021 at this point. From a business standpoint, you can make it a better year by focusing on your foreign direct investment (FDI) prospects to help your business thrive. From big data strategies to boosting localization in order to get a handle on connecting with foreign audiences, we’ll walk you through how to boost your business efforts in foreign markets and enhance your FDI prospects.
Use Data to Drive Your Expansion
One of the most potential-packed trends for businesses in 2021 is making use of big data. Examples of big data include collecting information from contact forms, email usage statistics, social media post-performance, demographics surveys, or POS data, to name but a few.
To help get your business in the right place for 2021, you could make greater use of that data in relation to foreign markets. For instance, you might run demographic surveys to identify which foreign markets hold the type of audiences that might be receptive to your product. You could also look at what your current markets are talking about on social media and see how you can better tailor your products and marketing strategy to those topics. Predictive analysis can also help you understand buying trends and see how your company might perform in a new foreign market.
More Than Just Translation
It’s easy to focus on just getting a translation right or even just focus on which types of demographics might respond to your message when you’re breaking into foreign markets and focusing on your FDI prospects. However, Ofer Tirosh, CEO of language service provider Tomedes, reminds us that an important part of being successful internationally is localization. Any translation agency worth its salt will offer localization services as well as translation. Localization is a comprehensive process that makes sure your product and message fit into the foreign market. It can:
- Update all parts of the message so they meet local formatting requirements, like phone numbers, addresses, and currency conventions
- Change graphics so they fit in with the local culture, often reshooting photos with local models or adjusting graphic layouts so they fit with the new language
- Make sure general layout fits with the new language, such as when a language changes to being read vertically or right to left
- Keep a product or message in line with local regulations, like cookie notifications on a website, privacy laws, or product disclosure requirements
- Make sure the marketing materials are culturally sensitive while retaining the original core message
Localization is a core part of the best marketing strategies used by companies. Without proper localization, a marketing message could cause offence, or a website could be difficult to use due to layout issues, just as a couple of examples. A good translation agency often handles both translations of the text and localization. Whether you are looking into enhancing your foreign direct investment prospects and your current foreign messaging could use some work, localization will need to be a part of your foreign business marketing strategy.
Connect with Foreign Audiences by Marketing in Translation
You should take the time to understand how to connect with audiences abroad. All foreign marketing strategy examples involve doing so. Even if you’re already working in international markets, you can also help boost your FDI prospects by taking the time to better understand the cultures that you’re involved with.
What are the most effective marketing strategies? Ones that take into account local values, cultural norms, and practical details like social media use. Different cultures tend to hang out on different social media websites. China uses Renren rather than Facebook, for instance.
What are examples of marketing strategies? You have many choices when it comes to devising your marketing strategy. You can focus on social media marketing, viral marketing, paid media ads, email marketing, direct selling, and even conversational marketing. What will make you successful in a foreign market, however, is taking the time to understand which types of marketing strategy work in which regions and for which demographics.
Germany, for example, is known for its lower rate of social media use, possibly because around 37% of the population is over 55 years of age. And in Germany, people tend to use ZING instead of LinkedIn.
Many cultures are also very strict on how data is used. By understanding local customs and regulations, you can go where your potential customers and investors hang out. You can offer products in a way that makes sense to them and ensure regulatory compliance.
Nowhere is knowing your audience more important than if you engage in content marketing. As of 2018, 91% of B2B marketers said they used content marketing. This type of marketing involves creating content that is useful, informative, entertaining, or generally helpful to potential customers. It doesn’t outright sell the product, but instead gets people interacting with the brand. One example is a homeowner’s insurance company posting an article about flood season safety. Because it’s so personal, a strong understanding of the local culture and how demographics interact with content is a must with content marketing. Used well, it can be a great way to boost your brand and enhance your FDI prospects.
To start boosting your FDI prospects through translation and localization for your business marketing strategy, look for a translation agency in your area by searching for local keywords like translation agency UK.